Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please think back to a contract you recently formed. Please identify the offer, the acceptance, and the consideration for each party. Be original for additional

Please think back to a contract you recently formed. Please identify the offer, the acceptance, and the consideration for each party. Be original for additional points. When responding to others, label their contract as either unilateral or bilateral. If someone has already done that, then indicate whether it is an express, implied in fact, or implied in law contract. Further comments could indicate terms that may be unclear, whether the parole evidence rule applies or anything else that you notice that might help identify or fix issues that could arise with the contract in the future.

I will start: I purchased a hotel room in order to attend a conference.

Offer: My call to the hotel asking for the reservation is the offer.

Acceptance: The hotel's confirmation email to me is the acceptance.

Consideration: I get the benefit of having room to use during the conference and the hotel gets my payment as the benefit of the bargain.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing The Art And Science Of Assurance Engagements

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan, Joanne C. Jones

15th Canadian Edition

0136692087, 9780136692089

More Books

Students also viewed these Accounting questions

Question

=+3. What level of candor are decision makers willing to receive?

Answered: 1 week ago